Bitcoin Cash Price Prediction: BCH Jumps 6% as Its Halving Concludes, While This BTC Derivative Closes at $13 Million

The price of bitcoin Cash bitcoin-cash/”>arose more than 6% in the last 24 hours to trade at $648.57 at 8:15 am EST, as investors grab as much BCH as they can.

The influx of purchasing power could be the result of investors stocking up on BCH following its recent halving.

With rewards dwindling, miners will likely start selling some of their reserves to fund their operations. This trend could continue until the tight relationship between supply and demand is reflected in the bitcoin cash price.

Smart investors will probably use this period to buy BCH before its price skyrockets.

bitcoin Cash Price Defies Major Resistance

4-hour chart for BCH/USDT (Source: x/9zPbWA4D/”>TradingView)

bitcoin Cash price is attempting to break above the key resistance level of $696.60. If it manages to close a 4-hour candle above this threshold in the next 12 hours, BCH could have a solid foundation to stand on.

Traders could then enter a long position for the cryptocurrency, which could introduce a wave of buying pressure. As a result, BCH could reach the next major resistance of $1,031 in the coming days.

Traders and investors will want to note that this is the second time that bitcoin Cash price has attempted to break above the $696.60 resistance level. At the beginning of the month, the altcoin was rejected by this barrier.

Therefore, a rejection of this key level in the next 24 hours could lead to the formation of a bearish double top pattern on the 4-hour chart. This could potentially indicate that BCH's bullish momentum has calmed down, leading to a sharp correction.

bitcoin Cash Price at Risk of Correction

In this alternative scenario, the bitcoin cash The price could be at risk of testing the immediate support level at $544.6 in the next 48 hours. Continued selling pressure once the cryptocurrency potentially reaches this mark could push it towards the subsequent support of $462.20 in the near term.

Technical indicators on the BCH 4-hour chart are sending mixed signals. For one thing, the Relative Strength Index (RSI) is sloping negatively toward oversold territory. This is usually identified as a sign of declining buyer strength.

On the other hand, the Moving Average Convergence Divergence (MACD) line crossed above the MACD signal line, which could indicate that BCH has entered a short-term positive cycle.

With bitcoin Cash Halving bitcoin-cash-halving”>finishedInvestors are focusing their attention on bitcoin Minetrix as the original bitcoin will reduce its mining rewards by half in the next 15 days.

Miners Likely to Flock to This Platform After Halving

The bitcoin Halving is a historic event that has been a catalyst for almost every past cryptocurrency market bull run. This is mainly due to the fact that mining rewards are halved each time, making btc scarcer and, in a sense, harder to get.

However, reduced btc mining rewards are also expected to put significant pressure on smaller mining operators. These smaller miners will be forced to look for alternative means to replace lost revenue and could opt for bitcoin Minetrix.

bitcoin Minetrix is ​​an innovative cloud mining platform that aims to simplify btc mining for everyone. Through its staking-to-mine model, bitcoin Minetrix makes mining the leading cryptocurrency as simple as staking an ERC-20 token.

At the core of the platform is the project's native BTCMTX token, which serves as a utility token in the bitcoin Minetrix ecosystem. To claim a share of bitcoin Minetrix's cloud mining power, investors will need to purchase BTCMTX.

Once purchased, tokens will need to be staked for “gas” rewards, which will need to be burned so that token holders can claim their share of btc mining power.

Given its central role on the platform, small mining operators flocking to bitcoin Minetrix after the halving will likely cause the value of BTCMTX to skyrocket.

Investors are positioning themselves for after the halving

Members of the crypto community are already rushing to bitcoin Minetrix in the lead-up to the halving event. To date, more than $12.8 million has been invested in the pre-sale of the project.

In addition to bitcoin Minetrix offering smaller mining operators a lifeline after the halving, investors may also be rushing to bitcoin Minetrix to get the 55% APY currently offered to anyone who buys and stakes their BTCMTX tokens. in this initial stage.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.41095890411″>

twitter.com/Bitfarms_io?ref_src=twsrc%5Etfw”>@Bitfarms_io is preparing for twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin halving with a massive $240 million investment to upgrade their mining equipment!

With hash rate capacity tripled and efficiency increased, how do you think this will impact the twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc mining landscape?

Also another progress… pic.twitter.com/UWDiaEqLfW

—Bitcoinminetrix (@bitcoinminetrix) twitter.com/bitcoinminetrix/status/1775558729431220678?ref_src=twsrc%5Etfw”>April 3, 2024

BTCMTX, which sells for just $0.0144, can be purchased using eth, USDT, BNB, MATIC, or a bank card. Anyone looking to buy the crypto will want to hurry because its price will rise over the next 20 hours.

Buy BTCMTX on their official website here and get access to 55% APY.

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